UPDATE: Nomura Initiates Coverage on AOL at Netural, Establishing $46.00 PT

In a report published Wednesday, Nomura analyst Anthony DiClemente initiated coverage on AOL, Inc.

with a Neutral rating, establishing a $46.00 price target. According to the report, AOL has successfully executed its turnaround strategy, returning to total revenue and EBITDA growth. “While subscription declines and expense trends have improved, we think investors will wait for signs of programmatic ad pricing growth, expanding Networks margins, and mobile traffic and monetization acceleration for AOL's owned properties before revaluing the shares from here,” the report noted. AOL closed Tuesday at $47.85.